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How more first-time buyers can secure a mortgage
For borrowers purchasing a house for the first time, the market fluctuations of the last month may have been concerning. However, if they are working with you, they already have the advantage.
Through you, they can access specialist lenders who offer a range of flexible criteria to potential first-time buyers, because as we know, getting more people onto the ladder is the bedrock of our market.
Whether it’s helping those who fall just outside mainstream lender criteria, those who have imperfect credit backgrounds, or those funding deposits and ongoing payments through a range of income, this is all about providing a range of options to first-time buyers who you might not describe as ‘vanilla’ borrowers.
At Foundation, first-timers are now eligible for all our F1 and F2 products, and up to 75% LTV for our F3, and our newly-introduced, F4 range.
It’s also why we have a specific range of products for professionals, which offers a higher income multiple to a range of qualified professionals, in recognition of their higher earning potential in the years to come.
Overall, we need a marketplace which provides plenty of opportunities to first-time buyers, and that means including them in specialist options where we can. Not every first-time buyer is going to start the journey in the same place and in order to help as many as we can and continue to meet individual needs, with a focused offering that smooths the path to home ownership for the many who want to travel there.
*This article was originally published on Best Advice
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